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111111111111111111111111111111111111111111111111111 <br />Record io aiseeso <br />2226009-005 <br />[Reserved for Recording Data] <br />RIGHT OF RE-ENTRY AGREEMENT <br />This Right of Re-entry Agreement is entered into on M A' 3 . 2019, by <br />and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and <br />Meadow Creek Builders, Inc.; a Minnesota Corporation ("Buyer"). <br />Recitals <br />A. On M AN .3 ; 2019, Seller conveyed title of the following Property <br />to Buyer: <br />Lot 25, Block 1, Harvest Estates, Anoka County, Minnesota to be platted as: Lots <br />1-6, Block L and Lots 1-9, Block 2, Harvest Estates Second Addition, Anoka <br />County; Minnesota <br />B. Title to the Property was conveyed subject to Buyer fulfilling certain Conditions <br />as set forth below. <br />C. As indicated in the Purchase Agreement between the City of Ramsey and Meadow <br />Creak Builders, Inc., dated December 12, 2018, Section 29, it is the intent of the <br />parties to create and set forth a right to impose a penalty or a right of re-entry in <br />favor of Seller in the event Buyer fails to satisfy the Conditions. <br />Agreement <br />1. The recitals are incorporated herein as if fully set forth. <br />2. Seller shall have the right, but not the obligation, to either impose a penalty against <br />the Property pursuant to Paragraph 3, or to re-enter and take possession of the <br />Page 1 of 5 <br />